Etrion Announces Its First Solar Project in Chile to Provide up to
8.8 Megawatts (“MW”) of Solar Electricity to a Mining Company

Etrion Corporation (“Etrion” or the “Company”)
(STO:ETX) (TSX:ETX) announces it has entered into a letter of intent
(the “Letter of Intent”) with Atacama Minerals Chile S.C.M. (“Atacama
Minerals”) to provide electricity to its Aguas Blancas iodine mine in
Chile (the “Aguas Blancas Mine”). The Letter of Intent marks the first
project supporting the Company’s new strategy to move beyond government
subsidies.

Aguas Blancas Solar Park (up to 8.8 MW)

Etrion has entered into the Letter of Intent outlining the principal
commercial terms of a long-term take-or-pay power purchase agreement
(“PPA”) to sell electricity to the Aguas Blancas Mine located in the
north of Chile. The Company plans to build, own and operate a solar park
with a capacity of up to 8.8 MW (the “Aguas Blancas Solar Park”) that is
expected to be operational in the second quarter of 2014. The parties
expect to sign a definitive PPA by the end of March 2013. The total
project cost, including costs related to the licences, permits,
development and construction, is estimated to be less than US$20
million, a portion of which is expected to be financed through
non-recourse project financing, with the remaining equity portion to be
funded by Etrion.

Construction of the Aguas Blancas Solar Project is subject to a
definitive PPA between the parties and Etrion arranging the necessary
debt and equity financing as well as other conditions customary for
transactions of this nature, including all necessary regulatory
approvals.

Management Comments

Marco A. Northland, the Company’s Chief Executive Officer, commented: “I
am very excited that Atacama Minerals has selected Etrion as its energy
provider. Our focus on Chile is beginning to pay off and we are well
positioned to serve the mining sector given our proven track record of
building and operating 17 power plants in Europe, combined with our
understanding of the Latin American region. This project validates our
strategy to move beyond government subsidies into markets with high
solar irradiation and demonstrates that solar can compete with
traditional sources of electricity today. Energy is a key concern for
mining companies in Chile and our solution brings a sustainable power
solution into Chile’s energy mix. 2013 will be an exciting year for us
as we intend to secure additional projects and increase our installed
capacity.”

About Etrion

Etrion Corporation is an independent power producer that owns and
operates renewable assets. Etrion currently owns approximately 60 MW of
operational, ground-based solar photovoltaic power plants in Italy. The
Company is listed on the Toronto Stock Exchange in Canada and the NASDAQ
OMX Stockholm exchange in Sweden (ticker symbol “ETX”). Etrion’s largest
shareholder is the Lundin family, which owns approximately 22% of the
Company’s shares through various trusts.

Note: The capacity of power plants in this release is described in
approximate MW on a direct current (“DC”) basis, also referred to as
megawatt-peak (“MWp”).

Etrion discloses the information provided herein pursuant to the Swedish
Securities Market Act and/or the Swedish Financial Instruments Trading
Act. The information was submitted for publication at 7.30 Central
European Time on January 31, 2013.

Forward-Looking Information:

This press release contains certain “forward-looking information” within
the meaning of applicable Canadian securities laws. All statements,
other than statements of historical fact, that address activities,
events or developments that the Company believes, expects or anticipates
will or may occur in the future (including, without limitation,
statements relating to the proposed PPA and development of the Aguas
Blancas Solar Park and the Company’s growth plans) constitute
forward-looking information. This forward-looking information reflects
the current expectations or beliefs of the Company based on information
currently available to the Company as well as certain assumptions
including, without limitation, the ability of the Company to acquire
additional renewable energy projects, enter into power purchase
agreements with industrial clients and obtain project financing on
economic terms. Reliance should not be placed on forward-looking
information. Forward-looking information is subject to a number of
significant risks and uncertainties and other factors that may cause the
actual results of the Company to differ materially from those discussed
in the forward-looking information, and even if such actual results are
realized or substantially realized, there can be no assurance that they
will have the expected consequences to, or effects on the Company.
Factors that could cause actual results or events to differ materially
from current expectations include, but are not limited to, the risk that
the Company may not be able to conclude the PPA or obtain the necessary
financing and regulatory approvals for the Aguas Blancas Solar Park,
there may be unanticipated delays or cost overruns in constructing Aguas
Blancas Solar Park and the Company may not be able to identify and/or
acquire other renewable energy projects.

Any forward-looking information speaks only as of the date on which it
is made and, except as may be required by applicable securities laws,
the Company disclaims any intent or obligation to update any
forward-looking information, whether as a result of new information,
future events or results or otherwise. Although the Company believes
that the assumptions inherent in the forward-looking information are
reasonable, forward-looking information is not a guarantee of future
performance and accordingly undue reliance should not be put on such
information due to the inherent uncertainty therein.